September 29, 2008 Securities Decisions and Freeze and cease trade orders

Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM) issued an order on September 15, 2008 imposing administrative penalties on Phincorp Capital Markets Inc., Desjardins Investment Management Inc., MGP Media Asset Management Inc. and Hans Peter Black for failing to meet certain obligations under the Securities Act (the "Act") and the Securities Regulation (the "Regulation").

An administrative penalty of $3,000 was imposed on Phincorp Capital Markets Inc. for:

• failing, as a securities adviser with a restricted practice, to possess a working capital of at least $5,000 between December 31, 2005 and June 21, 2006, pursuant to section 209 of the Regulation;
• failing to obtain authorization from the AMF for the same period prior to modifying the volume or conditions of its borrowed funds, pursuant to section 212 of the Regulation.

Administrative penalties of $10,500 were imposed on Desjardins Investment Management Inc. for:

• failing, as a securities adviser with an unrestricted practice, to possess, between April 30, 2007 and June 28, 2007, a working capital at least equal to the sum of $25,000 and the amount deductible under the required insurance policy or bonding, pursuant to section 209 of the Regulation;
• failing to inform the AMF immediately that it did not have the required net free or working capital, pursuant to section 211 of the Regulation.

For its part, MGP Media Asset Management Inc. must pay an administrative penalty of $3,000 for:

• failing, within 90 days after the end of its 2005 financial year, to furnish to the AMF, the financial statements, the auditor’s report, and any other information, in accordance with the requirements prescribed by regulation, pursuant to section 158 of the Act.

Lastly, an administrative penalty of $26,000 was imposed on Hans Peter Black for:

• failing to inform the AMF that civil proceedings had been instituted against him for an aggregate amount greater than $50,000, pursuant to section 227 of the Regulation.

A portion of these administrative penalties is earmarked for the Education and Good Governance Fund, which supports various initiatives related to investor protection and education, the promotion of good governance, and improving knowledge of the financial sector.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

— 30 —

Information:

Media only:
Sylvain Théberge: (514) 940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337